Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

That is not the case, Deputy. Earlier I gave an example. If there is a gain, and the gain is re-invested in the fund, then what the Deputy has said is correct but, potentially, there may not be a gain. If investors take the moneys out and choose to take it out on the basis of a dividend, then they will pay tax on the dividends.